NU Online News Service, May 23, 3:15 p.m. EDT–A National Association of Insurance Commissioners panel approved a receivership model act Thursday in a process insurance industry trade groups said was too rushed.

A joint letter signed by six insurance trade groups urged the Insolvency Task Force to adopt a longer comment period and set a hearing for the summer NAIC meeting next month, instead of current plans to approve it at that time.

"As much support that exists for improving the statutory framework, there is equally great support for doing the job correctly," the letter stated.

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